4. Assume that you face the following tax bracket: If your income is between SO-$20,000 $20,001-$50,000 $50,001-$80,000 $80,001+ Your tax due is: 10% of income $2,000 + 15% of the amount over $20,000 $6,500 + 25% of the amount over $50,000 $14,000 + 40% of the amount over $80,000 a. What will your average and marginal tax rates if you make $70,000? What if you made $120,000? b. Now assume that Congress votes to drop the top two marginal tax rates as follows: fyour income is between S0-$20,000 $20.001-$50,000 $50.001-$80,000 $80,001+ Your tax due is 10% of income $2,000 + 15% of the amount over $20,000 $6,500 + 20% of the amount over $50,000 $12,500 + 30% of the amount over $80,000